Large capital gains or significant losses to income in a year can dramatically alter your tax liability. These financial changes can affect tax brackets, eligibility for deductions and credits, and other critical aspects of your tax return. Here’s what you need to know to navigate the tax implications effectively.

As we approach the 2025 tax filing year it is important for taxpayers to be aware of upcoming changes.

One change we look for each year is inflation-adjusted tax brackets. The IRS has released information on its new inflation-adjusted tax brackets for 2025.  Inflation-adjusted tax brackets occur as the IRS adjusts various tax provisions in an effort to prevent "bracket creep" (when inflation pushes taxpayers into higher income tax brackets despite their purchasing power not having increased).

A significant legal development unfolded recently when the U.S. District Court for the Eastern District of Texas issued a nationwide injunction halting the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) Reporting Rule. This ruling effectively postpones the requirement for businesses to submit initial BOI reports by the previously established deadline of January 1, 2025.

Tis the season for giving- and we want to make sure you know that giving to charity is not only a meaningful way to support causes close to your heart but can also be a strategic method to reduce your tax liability. By understanding the rules and requirements, you can maximize your contributions' impact while securing valuable deductions- giving you the financial freedom to continue to invest in what you are passionate about!

One of the most impactful tax incentives for businesses is Section 179 of the Internal Revenue Code, commonly referred to as the "Section 179 Deduction." This powerful tax tool can help businesses to immediately write off the cost of certain assets in the year bought, reducing taxable income and freeing up capital for growth.

The popularity of private trust companies (PTCs) is on the rise, largely because they offer greater privacy, flexibility, and potential cost savings than alternatives such as family offices or corporate trustees.

Though the confidential nature of PTCs makes it challenging to pinpoint their exact numbers, estimates suggest that thousands operate across the United States, either independently or under the umbrella of bigger institutions

Tax credits are among the most valuable incentives available to taxpayers but are often overlooked. Unlike a deduction, which reduces the top line (i.e. taxable income) and only affects the taxpayers’ bottom line by a fraction of the deduction amount, a credit generally reduces the amount of cash required to cover your tax liability on a dollar-for-dollar basis.

You might be one of the millions who have filed or intend to file an Employee Retention Credit (ERC) claim, drawn in by the substantial tax relief this credit offers. However, while the ERC gained popularity quickly and countless firms emerged to help businesses navigate the process, the IRS is now scrutinizing these claims more carefully.

As the 2024 US presidential election quickly approaches, tax policy will undoubtedly be a key issue for voters to consider. Let us break down for you what we know thus far regarding the tax policy proposals of presidential nominees Kamala Harris (D) and Donald Trump (R), as well as significant provisions from the previous administrations 2017 tax overhaul which are set to expire in 2026.

If you are engaged in real estate activity at any level, you may be entitled to significant tax savings if you qualify as a “Real Estate Professional” (REP) under IRS requirements. If a taxpayer does meet IRS requirements to qualify as an REP, it allows the taxpayer to utilize losses from a real property trade or business to offset other ordinary income, such as wages.

Visibility, a Phoenix-based consulting firm, has launched its Tax Strategy and Compliance Services (and a new office location in beautiful Jackson, Wyoming) with the addition of Alexander Duncan as the Director of Tax & Compliance.

Is your business ready for the reporting requirements of the Corporate Transparency Act and its 90-day and end of year deadlines? Understanding the implications of this act for your small business is critical as compliance can protect you from potentially significant penalties. This article explores the fundamentals of this legislation and discover how you can ensure compliance to avoid its consequences.

Did you know that a large tax refund is actually a disadvantage? Learn more about how we saved a business owner $400,000 in taxes and help clients prevent giving interest free loans in tax prepayments.

On April 23, 2024, the Federal Trade Commission (FTC) announced a new rule that has a significant impact on employment and competition in businesses across the country–the FTC noncompete ban. This rule bans noncompete agreements in all sectors, introducing a major change in the business landscape for business owners nationwide. This rule presents a range of challenges and divergence from the current way most businesses operate.

On April 23, 2024, the U.S. Department of Labor announced a significant update to the Fair Labor Standards Act, introducing a new rule that alters the landscape for white-collar workers and highly compensated employees and expands overtime protections. Here is a quick overview of how this may affect you.